Anthropic Targeting Record IPO
Anthropic is aiming for an Initial Public Offering (IPO) that would be one of the largest in history, potentially surpassing SpaceX’s record $75 billion raise. The company is poised to go public as soon as the end of August 2026, with a preliminary second-quarter revenue of $11.5 billion and an annualized run rate of $65 billion by July 2026.
A Massive Leap
Despite reporting a net loss of nearly $42 billion in 2025 (five times the previous year’s loss), Anthropic is anticipating a stock market debut that matches or exceeds SpaceX’s record valuation. This ambitious goal is supported by a significant revenue growth trajectory and strategic partnerships.
The Comparison with SpaceX
The comparison goes beyond just the IPO size. Anthropic has a unique arrangement with SpaceX, buying computing capacity under a deal worth billions over three years—a move that parallels listing one of its suppliers publicly.
Behind the Ambition
The revenue projections for 2028 are substantial, estimated at $190 billion to $200 billion, according to TNW’s reporting. Major banks like Morgan Stanley, Goldman Sachs, and JPMorgan are involved in the listing process, and a revolving credit facility is expected to surpass its $10 billion target.
Racing Against OpenAI
Anthropic and OpenAI have both filed confidentially for IPOs, with OpenAI now targeting 2027. The private funding rounds already reflect this competition; Anthropic secured $65 billion in May at a $965 billion valuation, surpassing OpenAI’s March raise of $122 billion at $852 billion.
Setting Records
A listing of this magnitude would be a game-changer for the US IPO market in 2026, which has seen $160.6 billion raised as of August 19, already surpassing the record $195.2 billion of 2021.
Super-Voting Shares Consideration
Anthropic is contemplating super-voting shares for founder Dario Amodei and his co-founders, giving them significant control over the company’s future despite minority ownership.